VEGOILS - Palm rises for fourth time on concerns about output, but weak exports cap gains
Malaysian palm futures rose for a fourth consecutive session on Monday. The gains were capped by weak export data, and the Chicago soyoil prices. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had gained 5 ringgit (0.12%) to $4,119 ringgit (US$996) per metric ton. The contract had reached its highest level since November 21 earlier in the session. Indonesia, Malaysia and Thailand were devastated by a tropical storm that formed in the Malacca Strait and caused heavy rains and strong winds for more than a week.
Abu Dhabi Oil and Gas Group plans to invest $150 billion in 2026-2030
ADNOC, the state-owned oil company of Abu Dhabi, announced on Monday that it plans to invest $150 billion between 2026 and 2030 in order to maintain current operations, grow and meet global demand for energy. The board of directors of the company welcomed its increased oil reserves, which now total 120 billion stock-tank barrels (stb), compared to 113 billion stb. It also noted that natural gas reserves had increased from 290 trillion standard cubic foot (scf) to 297 trillion scf. The Emirati oil company has attracted new global partners for unconventional exploration concessions in order to accelerate development…
Almost a Third of Russian Seaborne Oil Export Potential is Stuck in Tankers
Around 1.4 million barrels per day of Russian oil, or almost a third of the country's seaborne exporting potential, remain in tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday.The U.S.
Yanchang Seeks Non-Russian Oil in Tender
Chinese refiner Yanchang Petroleum is seeking non-Russian oil in its latest crude tender, trade sources told Reuters on Tuesday, while others said Sinopec subsidiary Luoyang Petrochemical has shut for maintenance as an indirect result of Western sanctions.China's state oil companies and some Indian refiners are avoiding buying Russian oil due to concerns about falling foul of secondary sanctions after recent western sanctions on Russian oil shipments, including last month's U.S. measures.China and India are Russia's top oil export markets.Yanchang…
EIA: US crude inventories drop sharply after net imports reach record lows
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles declined sharply as net imports plunged to a new record low, while exports jumped to a nearly two-year high. The EIA reported that gasoline inventories declined unexpectedly during the week ending September 12 while distillate stocks rose more than expected. The EIA reported that crude stocks dropped by 9.3 millions barrels to 415.4 million last week, as opposed to the analysts' expectation in a poll of a draw of 857,000 barrels. U.S. crude oil exports increased by 2.53 millions barrels per day to 5.28million bpd. This is the highest level of U.S.
Sentinel Midstream’s deepwater oil export project is granted an air permit by the EPA
On Monday, the U.S. Environmental regulator announced that it had granted an air permit to Sentinel Midstream for its proposed deepwater oil project off Texas' coast. According to a press release, the Environmental Protection Agency has issued a permit under the Clean Air Act that permits the use of auxiliary vessels to control volatile organic compounds at the proposed Texas GulfLink deepwater terminal. U.S. president Donald Trump wants to see projects approved faster, especially those that boost the U.S. oil and gas industry. This permit will bring Sentinel closer to making a final investment.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and fuels exports, as well as a widening discount on the Russian flagship Urals blend oil price at around $56 - below the Western-imposed $60 price cap per barrel.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and gasoline exports, as well as a widening discount on the Russian flagship Urals oil mixture's price of around $56 per barrel. This is below the Western-imposed $60 per barrel price cap.
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The Organization of Petroleum Exporting Countries is pressuring Iraq, the largest overproducer in the group, to reduce output as compensation for producing more than the agreed-upon volume. In April, it was one of the countries who submitted plans to reduce oil production to compensate for exceeding agreed quotas.
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.Angola expects gas production to rise more than 20% in the next five years as it targets higher exports to Europe and Asia and to meet growing domestic demand, while its oil output stagnates despite the country exiting OPEC.Sub-Saharan Africa's second-largest crude producer after Nigeria, Angola…
Palm oil closes at its highest level in 14 weeks with a weekly gain of more than 3%
Malaysian palm futures closed higher Friday, and recorded a third weekly gain in a row. This was boosted by the strength of rival edible oils from Dalian and Chicago. Futures have also recorded a weekly gain of 3.40% and their highest close in the last 14 weeks. The benchmark contract for palm oil delivery in October on the Bursa Derivatives Exchange rose 106 ringgit or 2.52% to 4,316 Ringgit ($1,017.92). "Palm Oil prices rose, supported by strength in Chicago Soyoil and Dalian Palm and Soyoil Futures, along with expectations of a lower ringgit because of a strong U.S. Dollar," said Darren Lim.
Palm oil leads rival edible oils to third-week gains
Malaysian palm futures rose on Friday, heading for a third weekly gain in a row. They tracked the increase of rival edible oils traded at Dalian and Chicago. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery had gained 80 ringgit or 1.9% to 4,290 Ringgit ($1,010.84) per metric ton. This week, the contract gained 2.78%. "Palm Oil prices rose, supported by strength in Chicago Soyoil and Dalian Palm and Soyoil Futures, along with expectations of a lower ringgit because of a strong U.S. Dollar," said Darren Lim.
Palmetto ends the year lower due to profit-taking and weak export data
Malaysian palm futures ended lower on Thursday as profit-taking wiped out gains made in the previous session. This was due to reports showing weaker export figures for the period of July 1-15. The benchmark contract for palm oil delivery in October on the Bursa Derivatives exchange lost 12 ringgit or 0.28% to $4,212 ringgit (US$991.76) per metric ton. AmSpec Agri Malaysia reports that exports of Malaysian Palm Oil Products for the period July 1-15 fell by 5.3% compared to June 1-15. Intertek Testing Services, a cargo surveyor, reported a drop of 6.2%. Malaysia also increased its crude palm oil export duty to 9%, up from 8.5%.
Palm oil exports slip on the back of profit-taking following weak export data
Malaysian palm futures declined on Thursday, wiping out gains made in the previous session due to profit taking after reports revealed weaker export figures for the period of July 1-15. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery had fallen 7 ringgit or 0.17% to 4,217 Ringgit ($993.87) per metric ton. AmSpec Agri Malaysia reports that exports of Malaysian Palm Oil Products for the period July 1-15 fell by 5.3% compared to June 1-15. Intertek Testing Services, a cargo surveyor, reported a drop of 6.2%. Malaysia also increased its crude palm oil export duty to 9%, up from 8.5%.
Palm snaps losing streak of two sessions on stronger soyoil
Malaysian palm futures ended higher on Monday after two sessions of declines. The price increase was boosted by the stronger soyoil. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 69 Ringgit or 1.81% to $3,884 Ringgit ($905.99), a metric tonne, at the close. A Kuala Lumpur based trader reported that crude palm oil futures had been trading higher due to a recovery in the strength of rival oilseeds markets. Dalian's palm oil contract, which is the most active contract, fell by 0.1%. Chicago Board of Trade soyoil prices rose 0.84%.
Palm oil rises against stronger rival Soyoil
Malaysian palm futures prices rose on Monday after two sessions of declines. Supported by higher rival soyoil price, they ended a downward trend. At midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 41 ringgit or 1.07% to 3,856 Ringgit ($895.08) per metric ton. A Kuala Lumpur based trader reported that crude palm oil futures had been trading higher due to a recovery in the strength of rival oilseeds markets. Dalian's palm oil contract, which is the most active contract, gained 0.2% while soyoil prices rose by 0.52%. Chicago Board of Trade soyoil prices rose 0.55%.
Palm VEGOILS ends third consecutive weekly loss
Malaysian palm oils futures dropped on Friday, posting their third consecutive weekly loss. This was due to weakness in vegetable oils traded at the Chicago and Dalian commodities exchanges. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange lost 44 ringgit (1.14%) to $3,812 ringgit ($888.16). The contract dropped 0.05% in the last week, the lowest loss for a weekly since September. Dalian's soyoil contract with the highest volume fell by 1.1% while palm oil contracts for June delivery declined by 1.48%. Prices of soyoil on the Chicago Board of Trade dropped by 2.37%.
Palmetto slips with a second consecutive weekly loss
Palm oil ended lower on Friday, and recorded a second consecutive weekly loss. This was due to a decline in Chicago soyoil and the persistently slow performance of Malaysian palm oil exports. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange lost 37 ringgit or 0.84% to 4,376 Ringgit ($990.27). The contract has lost 4.37% in the last week. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower. This was due to the weakness in Chicago soybean futures as well as a slowdown in Malaysian palm oil.
VEGOILS - Palm up in hopes of better demand, but second consecutive weekly loss
Palm oil prices rose on Friday, on the hope of improved demand from India and China. However, they were still heading for their second consecutive weekly loss because of weakness in Chicago soyoil contracts and Malaysian palm oil exports that have been slowing down. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives Market gained 5 ringgit or 0.11% to 4,418 Ringgit ($999.32). This week, the contract has fallen by 3.45%. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower.
Export data from surveyors show palm gains on Dalian
The price of Malaysian palm oils futures rose for the second consecutive session on Thursday. This was due to the strong performance in Dalian and the newly released export surveyors data. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 26 ringgit or 0.59% to $4,415 ringgit (US$997.97) per metric ton. A Kuala Lumpur based trader stated earlier that the futures rose due to Dalian, while awaiting export data which would lead the market in the afternoon. Dalian's most active palm oil contract grew by 0.93%, while the soyoil contract that was traded fell 0.62%.